To accurately describe the mechanical properties of aluminium alloy sheet during deformation, an inverse identification was presented to deal with material parameters from the popular punch stretch test. In the identification procedure, the optimization strategy combines finite element method (FEM), Latin hypercube sampling (LHS), Kriging model and multi-island genetic algorithm (MIGA). The proposed approach is used on material parameter identification of aluminium alloy sheet 2D12. The anisotropic yield criterion Hill’90 is discussed. The results show that the Hill’90 anisotropic yield criterion with identified anisotropic material parameters has a good potential in describing the anisotropic behaviours. It provides a way to obtain the material parameters for FE simulations of sheet metal forming.